The combined ATP and WTA tournament in Miami is looking for a new title sponsor after Sony decided not to renew its agreement with the event, reports SportsBusiness Journal.

The tournament, a Masters 1000 for the men and a Premier Mandatory for the women, offers combined prize money of more than $10 million and regularly attracts more than 300,000 spectators over the 12 days of competition.

''Sony has opted out of their title renewal but may still be connected with the Miami event,'' Miami VP of marketing and TV Wendy Elkin told the publication.

Clothing sponsor Fila was also reported to have opted out because the tournament is asking for three times more than their previous $300,000 agreement.

The tournament has renamed itself the Miami Open until it finds a sponsor.